Real Estate, Building Products & Merchants - Quarterly Valuation Summary and Performance – March 2024

Housing data is increasingly positive, albeit off a very low base: Last quarter we commented on the stability in house prices that appeared to be coming through in the early part of Q4.

Van Elle Holdings plc (VANL LN) - H1 2024 results in-line, return to growth

Van Elle has announced interim results to 31 October 2023 highlighting a resilient performance despite subdued UK construction activity. Whilst the outlook for the rest of the year remains challenging overall, particularly due to low housebuilding and rail sector activity before the start of CP7, Management is confident in meeting full year expectations. The H1 2024 results provide c. 50% cover to our unchanged FY24 revenue and EBIT estimates. With green shoots emerging, we expect activity to be

Real Estate, Building Products & Merchants Quarterly – December 2023

Zeus presents the latest edition of the Real Estate, Building Products & Merchants quarterly summary of valuation, performance and earnings momentum. Key observations are as follows: • House prices stabilise but transaction volumes remain depressed: A downward shift in interest rate expectations has flowed through to lower average mortgage rates, which, when combined with low supply of for-sale homes, has led to stabilising house prices. Average house prices saw small monthly increases in Oct

Hybridan Small Cap Feast - 01/12/23

1st December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Van Elle Holdings plc (VANL LN) - Trading in line with FY24 expectations, completion of Rock & Alluvium acquisition

Van Elle has released a pre close trading update for HY24 confirming it is trading in line with expectations. Revenue is down 16% yoy to £68.0m which is broadly in line with Zeus expectations for FY24 of 12.1% decline in revenue, pre the addition of Rock & Alluvium. Estimates are updated on the back of the completion of the deal increasing revenue by 6% in the current year to £138m and 11% to £155m in FY25. Zeus leave profit before tax estimates unchanged at £5.0m in FY24 due to integration cost

Van Elle Holdings plc (VANL LN) - Complementary bolt-on acquisition

Van Elle has announced a bolt-on acquisition (£3.8m est. cash consideration) that complements its existing General Piling division and strategically expands the Group into the South East of England

Van Elle Holdings plc (VANL LN) - Trading in line

Van Elle’s brief AGM statement confirmed trading was in line with Management expectations in the first four months of FY24, with high activity levels in all divisions. Full year trading is expected to be in line with consensus despite tough market conditions, particularly in the housebuilding sector. We reiterate our view that Van Elle’s diversified sector exposure, major framework appointments, and strong balance sheet provide a positive medium-term outlook. Our valuation estimate is 64.4p per

Zeus Real Estate, Building Products & Merchants Quarterly – September 2023

Zeus presents the latest edition of the Real Estate, Building Products & Merchants quarterly summary of valuation, performance and earnings momentum. Key observations are as follows: House prices continue to tumble as transactional volumes fall: Nationwide House Price Index recorded an annual drop of 5.3% in August, the weakest rate since July 2009. Halifax House Price Index experienced a similar annual decrease of 4.6%. This has resulted in house prices decreasing between £14k - £15k YoY, ac

Van Elle Holdings plc (VANL LN) - Record revenue and improved returns

Van Elle’s results for the year to 30 April showed a strong increase in activity levels across all divisions and improving profitability and returns. Underlying EBIT of £5.9m was in line with Zeus estimates and net cash (ex. IFRS 16 leases) was significantly ahead (£7.5m vs. £1.3m est.). Trading has been strong in the first quarter of FY24, but we are mindful of an expected slowdown in certain end markets such as Residential and therefore leave EBIT forecasts unchanged. Van Elle’s diversified se

Real Estate, Building Products & Merchants Quarterly Valuation Summary and Performance - June 2023

Zeus presents the latest edition of the Real Estate, Building Products & Merchants quarterly summary of valuation, performance and earnings momentum. Key observations are as follows: - House price data remains mixed as investors price in more interest rate hikes: The Halifax House Price Index increased 1.3% in the first quarter with the average house price now at c.£286.5k. This is despite the index recording its first annual decline (-1.0%) since December 2012. The Nationwide House Price I

Van Elle Holdings plc (VANL LN) - FY23 pre-close update

Van Elle has released a pre-close updating stating that FY23 PBT is on track to be in line with previously upgraded expectations (Zeus: £5.2m). Group revenue is expected to c. 20% ahead of the prior year, equating to c. £149.9m, which is 3.9% ahead of the Zeus estimate of £144.2m. This is a strong performance despite a slowdown in parts of the construction sector and industry-wide supply chain issues. However, this slowdown impacts our FY24 and FY25 estimates, where we have reduced PBT forecasts

Real Estate, Building Products & Merchants Quarterly - March 2023

Zeus presents the latest edition of the Real Estate, Building Products & Merchants quarterly summary of valuation, performance and earnings momentum. Key observations are as follows: House price data is mixed, transaction numbers are subdued: The Halifax House Price Index increased 1.1% in February and average prices were broadly flat over the last quarter at £285k. However, data from Nationwide showed a 0.5% average price decline in February, down 1.1% year-on-year. These measures are calcul

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

Morning Note – 25 April 2024

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Vianet - FY24 ahead, strategic forecourt customer win

Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr

Vianet Group: FY24 trading update, strategic contract win

Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

LIBERUM: Ilika: CMD confirms operational progression

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc: